Section 19 in Punjab Self-Supporting Co-operative Societies Act, 2006
19. Use of surplus.
(1)The surplus, if any, out of the business of a self-supporting co-operative society transacted during a financial year, may be used for any of the following purposes, namely:-(a)to deposit in a deficit cover fund, a business risk fund or any other fund created by a self-supporting co-operative society under its bye-laws for the benefit and development of such society:Provided that not less than twenty-five per cent of the net surplus of a self-supporting co-operative society in a financial year, shall be deposited in such funds;(b)to distribute as a surplus refund among its members;(c)to develop the business of the self-supporting co-operative society;(d)to provide services to the members of a self-supporting co-operative societies; and(e)to write off bad debts and losses of the self-supporting co-operative society.(2)A detailed report showing the purposes for which the surplus funds have been used under sub-section (I), shall be placed before the annual general meeting of the general body of a self-supporting co-operative society.
